On 10 June 2024, the Italian Council of Ministers approved a draft legislative decree introducing Public Country-by-Country Reporting (PCbCR) legislation (Draft Decree) in Italy, which is now awaiting Parliament's opinion.In line with European Union (EU) Directive n. 2101 of 24 November 2021 (Country-by-Country Reporting or CbCR Directive), reporting obligations apply to Multinational Groups (MNEs) with consolidated turnover exceeding €750m in each of the last two consecutive financial years.Penalties for noncompliance are imposed on the Italian Directors and generally range from €10,000 to €50,000. Executive summaryOn 10 June 2024, the Italian Council of Ministers approved the Draft Decree introducing PCbCR legislation in...